How to Send Money to an IBAN From the US

Sending money across international borders from the United States has become a common financial activity, often utilizing an International Bank Account Number (IBAN) for accounts located in Europe and other global regions. This guide details the process of initiating such transfers, providing a clear pathway for ensuring funds reach their intended recipient efficiently and securely. It will cover understanding necessary banking identifiers, completing the transaction, and tracking your international transfer.

Understanding IBAN and International Transfers

An International Bank Account Number (IBAN) is a standardized system for identifying bank accounts across international borders. Primarily used in Europe, the Middle East, and parts of the Caribbean and North Africa, its purpose is to streamline cross-border money transfers and minimize errors. Unlike US bank accounts, which use a routing number and a separate account number, an IBAN is a single alphanumeric code that includes country, bank, and account details.

The IBAN structure varies in length by country. It consistently begins with a two-letter country code, followed by two check digits, and then a basic bank account number (BBAN). For example, a German IBAN will differ from a French IBAN in length and specific internal formatting, but both adhere to the overall IBAN standard. This unified format reduces manual processing and potential misdirection of funds.

Complementing the IBAN is the SWIFT/BIC (Society for Worldwide Interbank Financial Telecommunication / Bank Identifier Code). A SWIFT/BIC is a unique identification code for banks and financial institutions worldwide. While an IBAN identifies a specific bank account, a SWIFT/BIC identifies the recipient’s bank, ensuring the transfer routes to the correct financial institution. Both codes are typically required for international wire transfers from the US, working in conjunction to direct funds precisely to the intended account at the correct bank. Accurate provision of both the IBAN and SWIFT/BIC is important for the secure and timely completion of international transactions, safeguarding against transfer delays or misdirected payments.

Preparing for Your Transfer: Key Information and Decisions

Before initiating any international money transfer, gather specific information and decide on the transfer method. Accurate details impact the speed and security of your funds reaching the recipient. Any discrepancy in this information can lead to significant delays, return of funds, or even loss of money.

You will need your recipient’s full legal name and current address, exactly as it appears on their bank account statements. Obtain their precise International Bank Account Number (IBAN), bank name, physical address, and the bank’s SWIFT/BIC code. Confirming these details directly with the recipient, perhaps by having them send a screenshot of their bank account details or a voided check, helps prevent errors.

Choosing the appropriate transfer method is important, as options offer different trade-offs in cost, speed, and convenience. Traditional bank wire transfers are a reliable option for sending money internationally. These transfers typically involve a flat fee, ranging from $25 to $50 per outgoing wire, and may take 1 to 5 business days for funds to arrive, depending on the destination and intermediary banks involved. Banks often use interbank exchange rates but may add a markup, impacting the total amount the recipient receives.

Online money transfer services offer an alternative, often more cost-effective and faster, especially for smaller to medium-sized transfers. Companies like Wise (formerly TransferWise), Remitly, and Xoom specialize in international remittances, offering competitive exchange rates and transparent fee structures. Fees vary based on the amount sent, destination country, and funding method, often ranging from a few dollars to a percentage of the transfer amount. Many services can deliver funds within minutes to a few hours, though some transfers might still take 1-3 business days.

When selecting a service, consider the total cost, including transaction fees and the exchange rate margin. Even a small difference in the exchange rate can significantly impact the final amount received by your beneficiary, so comparing rates across multiple providers is beneficial. Evaluate transfer speed, especially if funds are needed urgently, and check for any daily or per-transaction transfer limits. Prioritize services known for robust security measures and reliable customer support.

Completing Your Transfer: Step-by-Step Process

Once you have gathered recipient information and selected your transfer method, you can proceed with sending funds. The general steps are consistent whether using a bank’s online portal or a money transfer service.

First, access your chosen platform by logging into your bank’s online account or navigating to the service’s website or app. Locate the option for initiating a new transfer, often labeled “Send Money,” “International Transfer,” or “Wire Transfer.” Some platforms may require you to add a new recipient first.

The system will prompt you to enter the recipient’s details. Input their full legal name and complete address, ensuring it matches verified information. Accurately enter the recipient’s International Bank Account Number (IBAN) into the designated field. This is a crucial step, as even a single incorrect character in the IBAN can lead to the transfer being rejected or, in unfortunate cases, sent to an unintended account, making recovery difficult.

Next, provide the recipient’s bank name and its associated SWIFT/BIC code. Double-check these codes against the information obtained from the recipient. Specify the exact amount to send and select the currency the recipient should receive. The system will display the current exchange rate and any associated fees, showing the total amount the recipient is expected to receive.

Before finalizing, a review screen will present all entered details, including recipient information, transfer amount, fees, and exchange rate. Take this opportunity to meticulously verify every piece of information one last time. Confirming all details at this stage can prevent costly errors and delays. Then, select your funding method, which commonly includes linking your bank account via ACH transfer, or using a debit card. Credit card transactions may incur additional fees or be treated as a cash advance.

Finally, after confirming the funding source, click “Confirm” or “Send” to submit your transfer request. Upon successful submission, the platform will provide a confirmation message, often including a unique transaction reference number. This number is important for tracking the transfer status and for any future inquiries.

After Sending: What to Expect

Once your international money transfer has been successfully submitted, the period immediately following involves monitoring its progress and preparing for its arrival. Most reputable banks and online transfer services provide a tracking feature, allowing you to monitor the status of your transaction in real-time or receive updates via email or SMS. Using the transaction reference number provided at submission, you can typically log back into your account to view the current stage of your transfer, from processing to successful delivery.

The time it takes for funds to reach the recipient can vary based on several factors, including the chosen transfer method, the destination country, the recipient’s bank processing times, and any intermediary banks involved. While some online services boast near-instant transfers for certain corridors, typical delivery times for international wire transfers generally range from 1 to 5 business days. Transfers initiated on weekends or holidays will usually be processed on the next business day, extending the overall timeline.

Notify your recipient about the impending transfer, providing them with the expected arrival date and any tracking information. This allows them to anticipate the funds and proactively check their bank account. If funds do not arrive within the expected timeframe, contact the customer support of the service or bank you used. They can investigate the issue using your transaction reference number and provide guidance on potential resolutions.